Raffaele Corvino, PhD candidate at the Cass Business School, London, is spending a research period at CeRP.
Raffaele received a grant by the Centro Universitario Netspar Italy (CINTIA) to carry out a research on labor income risk and portfolio choice within the project “Managing Risks over Working Life”, funded by CINTIA. He will carry out the study at CeRP and at the University of Turin, staying until May 2017.
Raffaele’s project develops an empirical analysis to test the model’s implications in Bagliano et al. (2014)* for life cycle portfolio choices, using US data. The research provides a thorough assessment of the interplay of labor income risk, risk aversion, and the correlation between income shocks and financial returns in shaping observed investment behaviour.
* Bagliano F. C., Fugazza C. and Nicodano G., (2014), “Optimal life-cycle portfolios for heterogeneous workers,” Review of Finance, 18, 6, 2283-2323.